Letter to share holders, page-17

Having recently spent many hours going back over all annual reports and key announcements since 2018, I agree with you @choochx01.

Specifically, I tracked back through Chuck Bass’ share accumulation:
1. He started with 37.5m shares issued @10c in exchange for selling the original Silver Mountain project to EM2 in 2018 (still an asset of course). IPO issued 40m @20c.
2. FY19: he added 7.3m shares @15c when total SOI increased by 11.3m @15c
3. FY20: he added another 5m @15c when total SOI increased to 115.9m
4. FY21: he added 13.9m @26c avg to hold 62.9m at year-end when total SOI increased to 202.7m; co raised $15.5m in three PPs and $4.3m from option exercise
5. FY22: CB
- converted $1m loan to shares @78c
- subscribed 1.5m @65c in Sept ‘21 PP
- bought on market in Jan-Feb ‘22 to add 900k shares @61c average
- subscribed 2.2m @45c in Mar ‘22 placement (awaiting sh’er approval)

In total, CB will hold 69.2m shares by 22 May, about 30%. He has invested $3.55m in acquiring 6.4m shares just this FY = 55.5c average.

Since his original investment pre 2018 and FY19-20, EM2 is considerably de-risked, owning multiple projects and on course to probably double MRE at Oracle this year with significant % in ‘indicated’. Prior owners of Oracle invested about $80m providing EM2 with 18km of infrastructure, permits and legacy assays. Well regarded institutional shareholders with strong track records have recently joined in size. Three drills are running. $52m has been invested to date with a further $16m now available to progress this year.

The real prize here is to discover the source of a broader system. The involvement of skarn expert, Dr Larry Meinert, is invaluable. EM2 has the team and funding to succeed. The massive grades recently drilled are the clues. EM2 is homing in.

The world needs a substantial amount of copper to electrify and decarbonise.